This year's fight is being led by Joseph Bruno, Republican majority leader of the state senate, who has threatened to let the rent-control laws expire on June 15th if Democrats do not agree to overhaul them.

ECONOMIST: New York��s housing market

Around two-thirds of the apartments enjoy below-market rents protected by New York's notorious rent-control laws, and many tenants fear that a new, more commercially minded owner who has paid top dollar for the properties will make their lives less comfortable.

ECONOMIST: Housing in New York

Rent control may have long outlived its temporary status, but that has not prevented a spirited battle to scrap the laws when they come up for renewal every three years.

ECONOMIST: New York��s housing market